The company that holds the mortgage on the former Hilton in downtown Pittsburgh is challenging a bid to turn the hotel into a Wyndham Grand.
According to our news partners at the Pittsburgh Post-Gazette, Blackrock Financial Management filed a petition in bankruptcy court on Monday.
They claim a luxury Wyndham Grand is not a qualified franchisor under the loan agreement.
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Tuesday, September 28, 2010
Monday, September 27, 2010
Abu Dhabi National Hotels Expects Profit Drop
Abu Dhabi National Hotels PSC, the owner of properties managed by Hilton, Le Meridien and Sheraton properties in the United Arab Emirates, expects a decline in profit after an expansion in its asset base.
“The leisure market in Abu Dhabi is just not there yet,” said Richard Riley, chief executive officer of Abu Dhabi National Hotels. The company expects to post a 15 percent decline in profit this year as it accounts for depreciation costs of its latest developments.
“We’re growing in asset base,” said Riley in an interview in Abu Dhabi. “We will have limited profitability growth over the next couple of years.”
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“The leisure market in Abu Dhabi is just not there yet,” said Richard Riley, chief executive officer of Abu Dhabi National Hotels. The company expects to post a 15 percent decline in profit this year as it accounts for depreciation costs of its latest developments.
“We’re growing in asset base,” said Riley in an interview in Abu Dhabi. “We will have limited profitability growth over the next couple of years.”
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Need a condom? Check your hotel room’s mini-bar
The Thompson Hotels chain, which includes the Hollywood Roosevelt and the Thompson Beverly Hills, as well as several properties in New York, is selling limited-edition condom packages created by a series of fashion designers.
Earlier this month, designer Charlotte Ronson became the first woman to design the wrapper and packaging of the condoms, which sell for $5.99 for a set of three. Ronson’s design incorporates pastel colors and her signature logo.
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Earlier this month, designer Charlotte Ronson became the first woman to design the wrapper and packaging of the condoms, which sell for $5.99 for a set of three. Ronson’s design incorporates pastel colors and her signature logo.
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Milford Plaza Hotel to sell for $200M
One of the city's leading real-estate families is close to a deal to sell its shuttered Milford Plaza Hotel to a partnership led by private-equity firm Rockpoint Group LLC for about $200 million, according to people familiar with the matter.
The 1,300-room hotel, situated among the famous theaters of Broadway, closed in December.
A planned renovation of the hotel has been suspended as the owner—an entity controlled by Philip Milstein and other members of the family of the late Seymour Milstein—assesses its options for the property.
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The 1,300-room hotel, situated among the famous theaters of Broadway, closed in December.
A planned renovation of the hotel has been suspended as the owner—an entity controlled by Philip Milstein and other members of the family of the late Seymour Milstein—assesses its options for the property.
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Hard Rock Cafe sues Vegas hotel with same name
LAS VEGAS - Owners of the Hard Rock Cafe restaurant chain are suing owners of the Hard Rock Hotel & Casino in Las Vegas over its name, saying the casino's party image has damaged the moniker enough to justify ending a 14-year-old licensing agreement.
Lawyers for Orlando-based Hard Rock Cafe International Inc. said in the lawsuit filed Tuesday in federal court in New York that the cable reality show "Rehab: Party at the Hard Rock Hotel" on truTV casts its brand in a bad light.
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Lawyers for Orlando-based Hard Rock Cafe International Inc. said in the lawsuit filed Tuesday in federal court in New York that the cable reality show "Rehab: Party at the Hard Rock Hotel" on truTV casts its brand in a bad light.
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Strategic Hotels & Resorts Signs Agreement to Sell the InterContinental Prague
By Eric Hertha - Hospitality Business News
Strategic Hotels & Resorts, Inc. (NYSE: BEE) today announced that the company has signed a share purchase agreement for the sale of the InterContinental Prague to an investment group led by an affiliate of Westmont Hospitality for a total consideration of approximately euro 110.6 million, or approximately euro 297,000 per room. The total consideration represents the outstanding amount of the property's third party debt and the current interest rate swap liability related to the third party indebtedness, which is estimated to be approximately euro 9.0 million as of August 31. In addition, approximately euro 2.0 million of restricted cash related to the property will be released to the company. The sale, subject to certain closing contingencies, is scheduled to close in the fourth quarter. The 372-room property was forecasted to contribute approximately euro 6.1 million in EBITDA for the full year 2010, representing a sales multiple of 18.1 times and a capitalization rate of 4.8% on NOI.
Chief Executive Officer Laurence Geller remarked, "We are pleased to announce the sale of this property as it reduces corporate overhead related to our European operations, and is in line with the company's disciplined, strategic disposition strategy."
Strategic Hotels & Resorts, Inc. (NYSE: BEE) today announced that the company has signed a share purchase agreement for the sale of the InterContinental Prague to an investment group led by an affiliate of Westmont Hospitality for a total consideration of approximately euro 110.6 million, or approximately euro 297,000 per room. The total consideration represents the outstanding amount of the property's third party debt and the current interest rate swap liability related to the third party indebtedness, which is estimated to be approximately euro 9.0 million as of August 31. In addition, approximately euro 2.0 million of restricted cash related to the property will be released to the company. The sale, subject to certain closing contingencies, is scheduled to close in the fourth quarter. The 372-room property was forecasted to contribute approximately euro 6.1 million in EBITDA for the full year 2010, representing a sales multiple of 18.1 times and a capitalization rate of 4.8% on NOI.
Chief Executive Officer Laurence Geller remarked, "We are pleased to announce the sale of this property as it reduces corporate overhead related to our European operations, and is in line with the company's disciplined, strategic disposition strategy."
Saturday, September 25, 2010
Hilton: Revenue from mobile apps soaring 200% monthly
The surge that Hilton Worldwide has seen this year in its iPhone application downloads and mobile room bookings surprises even Chuck Sullivan, the company's senior vice president of global online services.
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Arizona J.W. Marriott is delinquent on $165 million in mortgage payments
Southern Arizona’s largest resort, the 575-room J.W. Marriott Starr Pass Resort, is delinquent on $165 million in mortgage payments. To avoid a foreclosure, owner Signature Properties International is trying to work out a loan modification with lenders, according to Realpoint, a national credit-rating company.
Realpoint reports Signature Properties’ first attempt to modify its mortgages was rejected. Neither was the company able to find new financing to replace the maturing loans.
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Realpoint reports Signature Properties’ first attempt to modify its mortgages was rejected. Neither was the company able to find new financing to replace the maturing loans.
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Morgans says Hard Rock lawsuit 'is without merit'
A day after owners of the Orlando-based Hard Rock Cafe restaurant chain sued the ownership of the Hard Rock Hotel and Casino in Las Vegas over its name, New York-based Morgans Hotel Group responded.
Morgans, a company entirely separate from the cafe chain, owns 14.2 percent of the Hard Rock and operates it day-to-day.
According to the lawsuit, Hard Rock Cafe said the casino is a place that "revels in drunken debauchery." The party image has damaged the name enough to justify ending a 14-year-old licensing agreement.
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Morgans, a company entirely separate from the cafe chain, owns 14.2 percent of the Hard Rock and operates it day-to-day.
According to the lawsuit, Hard Rock Cafe said the casino is a place that "revels in drunken debauchery." The party image has damaged the name enough to justify ending a 14-year-old licensing agreement.
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Sudanese diplomats scuffle at Iranian NYC event held at the Hilton
NEW YORK — Sudanese diplomats scuffled with security workers at the hotel where the Iran delegation is staying during the U.N. General Assembly's annual meeting, police said Friday.
Iran hosted an event Thursday evening at the Hilton Manhattan East Hotel near the United Nations. Members of the Sudanese delegation wanted to speak to Iran officials, and about 30 went to the hotel.
Some balked at going through the metal detector and started pushing and shoving each other, Police Commissioner Raymond Kelly said. It's not clear who started pushing or whether Iranian officials were involved in the scuffle.
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Iran hosted an event Thursday evening at the Hilton Manhattan East Hotel near the United Nations. Members of the Sudanese delegation wanted to speak to Iran officials, and about 30 went to the hotel.
Some balked at going through the metal detector and started pushing and shoving each other, Police Commissioner Raymond Kelly said. It's not clear who started pushing or whether Iranian officials were involved in the scuffle.
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Chatham buys hotel portfolio for $61 million
Chatham Lodging Trust said Friday it has completed the acquisition of a hotel in White Plains, N.Y., that's part of a $61 million property portfolio purchased by the hotel operator.
The 133-suite Residence Inn by Marriott was the last of four hotels in the portfolio.
Chatham has now acquired 11 hotels and has two hotels under contract since its initial public offering in April.
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The 133-suite Residence Inn by Marriott was the last of four hotels in the portfolio.
Chatham has now acquired 11 hotels and has two hotels under contract since its initial public offering in April.
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Biltmore Hotel audit offers insights into dealings with city
A new audit says the Biltmore Hotel owes Coral Gables millions in unpaid rent and other charges. But both sides said they will focus on the bigger picture: a deal that ensures the long-term sustainability of the hotel and protects the city's interests as landlord.
``The audit is static for me,'' said City Commissioner Maria Anderson. ``I will bypass it and try to work on the future. My main focus is to get us back on track as partners, and that includes paying the rent and management fees.''
The hotel's relationship with the city soured in April 2009, when it stopped paying rent and unsuccessfully sought to credit historic preservation expenses against the rent as its revenues and profits dropped.
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``The audit is static for me,'' said City Commissioner Maria Anderson. ``I will bypass it and try to work on the future. My main focus is to get us back on track as partners, and that includes paying the rent and management fees.''
The hotel's relationship with the city soured in April 2009, when it stopped paying rent and unsuccessfully sought to credit historic preservation expenses against the rent as its revenues and profits dropped.
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Friday, September 24, 2010
Turning to Twitter to fix restaurant complaints
CHICAGO — When Tony Bosco saw mostly negative reviews about the restaurant Wow Bao, he Tweeted: "Going to 'business' dinner (at)Wow Bao. Can any1 tell me if it's going to suck as much reviews suggest."
And almost immediately he got a response from an unexpected source — BaoMouth, the official Twitter feed of Wow Bao, an upscale fast food place in Chicago. The restaurant offered him a coupon to find out for himself, on the house.
Wow Bao sent Bosco two $15 gift cards via an iPhone app, and Bosco went the next night, posting pictures of the food on Twitter.
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And almost immediately he got a response from an unexpected source — BaoMouth, the official Twitter feed of Wow Bao, an upscale fast food place in Chicago. The restaurant offered him a coupon to find out for himself, on the house.
Wow Bao sent Bosco two $15 gift cards via an iPhone app, and Bosco went the next night, posting pictures of the food on Twitter.
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Restaurants Rap State on Tipping Rules .
New York restaurants say new state guidelines on workers' tips and pay are long overdue and could help clarify a Byzantine system they believe has led to an increasing number of lawsuits alleging unfair wage practices.
Former New York State Labor Commissioner M. Patricia Smith, who now works for the U.S. Labor Department, issued a set of recommended changes for the state in November. Nearly a year later, Albany has yet to act on the recommendations, leading to mounting frustration in the industry.
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Former New York State Labor Commissioner M. Patricia Smith, who now works for the U.S. Labor Department, issued a set of recommended changes for the state in November. Nearly a year later, Albany has yet to act on the recommendations, leading to mounting frustration in the industry.
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DineEquity’s 3Q Same-Store Sales Up
DineEquity Inc. (DIN - Snapshot Report), operating under the Applebee's Neighborhood Grill & Bar and IHOP brands, announced a preview of its same-store sales results for third quarter 2010. The company indicated that comparable sales in the chain of restaurants under both the brands are on a rising trend.
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